oil and gas

Update news oil and gas

Output contraction is an inevitable part of exploiting finite oil and gas fields worldwide. In Vietnam, most of the active fields have been exploited since 1986. 

Oil fields becoming depleted, difficulties lie ahead

Oil and gas companies are struggling to cope with falling prices, oil field depletion, and difficulties in seeking new fields.

Long Son Petrochemical Complex receives $1.4 billion added capital

The $1.386 billion added investment will help accelerate Long Son Petrochemical Complex that has fallen behind schedule.

Local petroleum firms forecast plunging revenue in 2020

Pressed by COVID-19 and the oil price war between Russia and the OPEC, local petroleum manufacturers expect great plunges in revenue.

VN petrol and oil giants lost billions of US dollars on plunging oil

The revenues of PetroVietnam and Petrolimex slumped by $6.13 billion and $521.74 million this year due to the dropping oil price and the COVID-19 health crisis.

Nosediving oil price deals a blow to state budget

Though the steep dive in global crude oil price will benefit domestic logistics and production, it will not be good for local petrol firms and the state budget.

PetroVietnam may buy crude oil to store

As Covid-19 has been escalating and the oil price has fallen, the national oil and gas group PetroVietnam is considering several possible scenarios, including mine closure. It is also considering buying crude oil to store.

New vitality for DK1 Platforms in new spring

“Despite waves and storms, we the DK rig soldiers are still here. There is no fear among DK rig soldiers who are not afraid of thunderstorms.” 

Securities company lists 9 industries that will be affected by epidemic

Nine industries could be negatively affected in the short term by the fallout of the coronavirus epidemic, according to SSI Securities Corp.

Vietnam-Russia cooperation in oil and gas: great opportunities ahead

With the support of the two governments, Vietnam’s oil and gas industry is expected to continue developing strongly.

US pours money into gas industry in Vietnam

The current reserves of gas fields in Vietnam are estimated at 700 billion cubic meters, an amount that can be exploited for 40-50 years.

Will revenue from oil be reserved for descendants?

VietNamNet Bridge - Government officials say it’s the right time to seriously think about putting aside revenue from oil for descendants. 

New JV set up to exploit oil & gas in Russia

 PetroVietnam and Rosneft will establish a joint venture company to explore and exploit two oil wells at Pechora Sea, north-west of Russia, which have a combined geological reserve of 1 billion tonnes and a recoverable reserve of 200 million tonnes.

BUSINESS IN BRIEF 5/11

 Binh Duong attracts nearly US$1.2 bil in FDI; Seafood exports hit US$5.5 billion in 10 months; Nam Con Son pipeline brings 50 billion cu.m of gas ashore; Over US$200 mln for second lift-off oil rig